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The country had weathered the first global oil crisis, in 1973, but by 1979 the commodities boom which had propped up its economy in the early 1970s had died down, leaving the Philippines much more vulnerable [1] - so much so that in the third quarter of 1981, the Philippine economy followed the course of the US economy when it went into recession.
The economic history of the Philippines is shaped by its colonial past, evolving governance, and integration into the global economy. Prior to Spanish colonization in the 16th century, the islands had a flourishing economy centered around agriculture, fisheries, and trade with neighboring countries like China, Japan, and Southeast Asia.
Marcos was proclaimed winner of the election in November 1969, and was inaugurated to his second term just before the new year, on December 30, 1969. The social impact of the 1969–1970 balance of payments crisis very quickly led to social unrest – so much so that Marcos went from winning the elections by a landslide in November to dodging effigies by protesters just two months later, in ...
This is an accepted version of this page This is the latest accepted revision, reviewed on 3 January 2025. There are 2 pending revisions awaiting review. Economy of the Philippines Metro Manila, the economic center of the Philippines Currency Philippine peso (sign: ₱; code: PHP) Fiscal year Calendar year Trade organizations ADB, AIIB, AFTA, APEC, ASEAN, EAS, G-24, RCEP, WTO and others ...
By the end of that year, the economy contracted by 6.8%. [25] The economic and political instability combined to produce the worst recession in Philippine history in 1984 and 1985, [26] [27] with the economy contracting by 7.3% for two successive years. [24] [23] [28]
Krugman introduces the notion of a liquidity trap in his analysis of Japan in the 1990s, the Asian financial crisis, Latin American crisis and the 2008 Global Financial Crisis. [11] [12] [13] Liquidity traps are essentially a lack of circulation or growth in the supply of money in the economy. [11]
The Global Economic Crisis, the worst financial crisis since the Great Depression, can be partially attributed to globalization. Although globalization promised an improved standard of living, it has actually worsened the financial situation of many homes and has made the financial crisis global through the influences of international financial ...
The Philippines 2000 platform was widely successful, making it one of the greatest legacies of the Ramos administration to the Philippines. Ramos was successfully able to open the then-closed Philippine economy and break Marcos-era formed monopolies, especially with regard to Philippine Airlines and the Philippine Long Distance Telephone Company, which were privatized and de-monopolized during ...